November 05, 2024 21:53 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
Budget 2016 fails to boost Indian market sentiment

Budget 2016 fails to boost Indian market sentiment

| | 29 Feb 2016, 05:34 pm
Mumbai, Feb 29 (IBNS) The Union Budget 2016, presented on Monday, by finance minister Arun Jaitley has been hailed by many, including prime minister Narendra Modi, as a pro-village, pro-poor, and pro-farmer, but it could not boost the market sentiments leading to a sharp decline in the benchmark indices.

The BSE Sensex and the NSE Nifty, which opened on a positive note on Monday began to sputter and slide as the Budget was being presented.

For a while the market recouped some losses but finally closed the day on a negative note

At the close of day, Sensex slipped 152.30 points to 23002, and the Nifty fell 42.70 points to 6987.05.

Weak global cues and a dip in the rupee were also partly responsible for the market downfall, according to media reports.

Selling was noted in IT, capital goods, oil & gas and auto stocks.

ONGC, BHEL, Maruti, Infosys, L&T  Cairn India, and Power Grid were among the major losers on Monday.

Bank stocks, along with  metal and realty stocks fared well.

ICICI Bank, HDFC Bank, Reliance, SBI and Dr Reddy's Labs were among the major gainers.

 

Image: Wikimedia Commons

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.